Mortgage bond programs are primarily designed for low or moderate income individuals or families who are buying a home for the first time. Interest rates are provided below market rates and also down payment assistance program is provided to the borrower's. Also second mortgage is available.
To be eligible. your home must be single family units. It should be a agency approved condominiums or Planned Unit developments (PUD's). Rental homes, investment properties or second homes are not eligible.
There are several down payment assistance (DPA) programs available like Hope DPA program which provides up to $40,000 DPA but is available in HUD targeted areas. Also 6% DPA program available in more than 40 states.
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